Smart Money Is Selling Bitcoin for Specific Class of Altcoins, According to Crypto Tracker Nansen
Crypto traders with a history of making smart moves appear to be shifting away from market volatility, according to data from the wallet tracker Nansen.
On a new episode of Delta-Fi, a popular pseudonymous crypto whale known in the industry as Crypto Messiah highlights the latest data from Nansen.
He says the figures suggest a significant number of savvy investors are trading their positions in Bitcoin and other crypto assets for stablecoins, which are designed to remain pegged to fiat currency and give traders a way to exit and reenter the markets with ease.
“Somebody asked Nansen on Twitter and wanted to know, ‘Do you guys track the farms? Or are these guys moving to stablecoins because they’re farming?’ But you know what, for me it kind of looks like a bit of de-risking.”
According to Messiah, Nansen uses a variety of methods to determine which wallets are worth watching.
“Some of these guys are just guys that have done really well, some of these wallets are whale wallets.
I don’t think all of them are whale wallets but the idea here is that these guys are educated, informed participants. And they’ve actually got an indicator now which shows you the stablecoin percentage allocation of the smart money.”
As for for Messiah’s own portfolio, he says he’s doubling down on crypto projects that he believes have strong fundamentals and the potential to rise when the current crypto correction ends.
The trader says he just placed a big buy order for the on-chain liquidity underwriter KeeperDAO (ROOK), and now owns 5,000 ROOK worth about $1.5 million at time of publishing.
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Author: Daily Hodl Staff